It is important for any enterprise operating in today’s highly competitive market environment to know what drives a consumer to make his/her purchase.
Purchasing decisions are not always rational and therefore buying decisions involve emotions, social relations, and psychological factors. Here is how it looks in detail: A closer look at the factors that influence purchasing behavior and how brands can take advantage of the same.
Emotional Triggers Emotions
A very central position in the buying decision process/Behavioural decisions. It’s not the requirement of a certain product, rather it’s the experiences that are associated with it that lead people to purchase it. For instance, luxury products usually guarantee consumers’ desire to impress others or gain prestige.
On the other hand, sustainable products might be interesting for consumers who want to feel good or feel that they help to contribute to the betterment of society. Culturally, organizations that can emotionally engage customers should aim to build better and longer-lasting bonds.
Social Influence and FOMO
Without a doubt, social influence has a clear effect on the manner people make their consumption decisions. Consumers are always looking at their fellow consumers, reviews, and endorsements from others on the internet and social influencers.
Endorsements, for instance, by popular opinion influencers or celebrities for a brand can make a brand seem more legitimate. Additionally, the concept of ‘fear of missing out’ is one of those psychological levers that work truly well.
Using urgency as a motivation calls for a purchase now while they may still be there call for a purchase now before the offer expires is also the same call to buy this product now and not wait till later another technique that works.
Cognitive Biases Consumers
Bstdint of often said to be guided by cognitive biases — mental heuristics that define their choices. An example is the anchoring effect whereby individuals depend on the first piece of information received (known as the ‘anchor’).
Consumers can also perceive that a certain product is a good bargain because it was originally set at a higher price but has since been offered at a lower price even though the latter may be similar to those of the competitors’ products.
In the same way, confirmation bias is a process by which people seek out only the information that agrees with their pre-existing point of view, therefore brand communication strategy is important to adapt to the existing perception of the target audience.
Perceived Value
The fundamental of purchasing decisions is the perceived value. Consumers are continuously in the process of evaluating how beneficial the product of a certain company is as compared to the losses one would incur from purchasing that product.
This is why brands that effectively explain how the product is relevant to the client’s life, how it can solve their problems, make them save time, or improve their lifestyle usually have better conversion rates.
Through the study of consumer psychology, organizations are in a better position to learn about the feelings and reactions of their targeted consumers and, therefore, improve their selling propositions.
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